智通财经5月8日电，阿联酋央行将基准利率维持在4.40%。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, proposing 25 measures, including significant salary reductions for fund managers whose products underperform their benchmarks by more than 10 percentage points over three years [1][3]. Group 1: Fund Performance and Manager Accountability - A notable number of funds have underperformed their benchmarks over the past three to five years, with some lagging by over 50 percentage points [1][3]. - For instance, the Minsheng Jianyin Innovation Growth Mixed Fund has a three-year net value growth rate of -58.8%, compared to its benchmark's -1.38%, indicating a performance gap exceeding 50 percentage points [3]. - Similarly, the Dongwu Double Triangle Fund has a five-year net value growth rate of -52.09%, while its benchmark grew by 0.76%, also reflecting a significant underperformance [4]. Group 2: Consequences for Fund Managers - Fund managers of products that fail to meet performance standards may face salary adjustments, reassignments, or even termination [2][5]. - Funds that have been underperforming for three years may also face liquidation, especially if the current fund manager has not been in charge for the full three years [5][7]. - The Changsheng Advanced Manufacturing Fund, for example, has a three-year net value growth rate of -51.71%, with its benchmark yielding 6.03%, putting it at risk of being liquidated due to low asset value [5][6]. Group 3: Adjustments in Performance Benchmarks - The new measures may lead to fund managers being more cautious in setting performance benchmarks, as many funds have already begun to adjust their benchmarks [8][9]. - For example, the CITIC Prudential New Sharp Mixed Fund changed its benchmark from a fixed deposit rate to a combination of equity and bond indices, indicating a shift in strategy [9]. - Other funds, such as the Fuyong Value Selection Mixed Fund, have also altered their benchmarks to reflect a more conservative investment approach [9].

波兰央行将基准利率下调至5.25%，符合预期。 ...

波兰央行将基准利率从5.75%下调至5.25%。 ...

5月7日，证监会发布《推动公募基金高质量发展行动方案》（以下简称《行动方案》），通过全面深化改 革，强化公募基金行业与投资者的利益绑定，增强公募基金投资行为的稳定性，提升公募基金服务投资者 的能力，发展壮大权益类公募基金，进而更好发挥行业功能。 《行动方案》既涉及公募基金行业机构内部产品设计、投资运作、市场推广等方面制度机制的改革调整，也涉 及行政监管、行业自律等方面制度机制的优化完善。记者了解到，文件中涉及的改革举措，需要20余件配套法 规细化落地，证监会已逐一制定各项政策举措的落实时间表，后续将把握好改革推进节奏，成熟一项推出一 项。 强化业绩比较基准约束作用 《行动方案》从优化基金运营模式、完善考核评价制度、大力发展权益类基金、守牢风险底线、强化监管执 法、促进高质量发展等六方面提出了 25 条改革措施，着力引导行业机构努力实现从"重规模"向"重投资者回 报"转型，形成行业高质量发展的"拐点"，加快建设一流投资机构。 具体来看，《行动方案》全面建立以基金投资收益为核心的行业考核评价体系，将业绩比较基准对比、基金利 润率等直接关乎投资者利益的指标引入考核体系。 "强化业绩比较基准的约束作用在本次公募基金改 ...

墨西哥央行行长：央行很有可能继续降低基准利率。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Action Plan for Promoting High-Quality Development of Public Funds," aiming to deepen reforms in the public fund industry, enhance investor service capabilities, and strengthen the binding of interests between the industry and investors [1][9]. Group 1: Reform Measures - The "Action Plan" proposes 25 reform measures across six areas, including optimizing fund operation models and enhancing risk management, to shift the industry focus from "scale" to "investor returns" [2][9]. - A new industry evaluation system centered on fund investment returns will be established, incorporating performance benchmarks and profit margins into the assessment framework [2][4]. Group 2: Performance Benchmarking - The performance benchmark will serve as a "anchor" and "ruler" for fund investments, clarifying investment styles and constraining investment behaviors to prevent significant deviations from product names and positioning [3][4]. - The plan aims to address issues of performance volatility and style drift in actively managed equity funds by reinforcing the constraints of performance benchmarks [3][4]. Group 3: Floating Management Fee Mechanism - The "Action Plan" introduces a floating management fee model linked to fund performance, allowing for differentiated fee rates based on the fund's performance relative to benchmarks [5][6]. - Fund companies will be required to implement this model for 60% of newly registered active equity funds within a year, with a phased approach for larger and smaller institutions [6][9]. Group 4: Compensation and Evaluation - The plan emphasizes the need for fund companies to align the interests of executives and fund managers with those of investors, with performance metrics weighted heavily towards fund investment returns [7][8]. - Fund managers with performance significantly below benchmarks will see a reduction in performance-based compensation, while those exceeding benchmarks may receive increases [7][8]. Group 5: Development of Investment Institutions - The "Action Plan" outlines measures to enhance fund company governance, improve investor service capabilities, and support the coordinated development of equity and fixed-income funds [8]. - It encourages the development of small and medium-sized fund companies through specialized operations and aims to improve the competitive landscape of the industry [8][9].

捷克央行将基准利率下调25个基点至3.5%。 ...

告别"躺赚"时代：业绩基准挂钩薪酬 公募基金高质量发展行动方案"靴子落地"。这不仅重塑着基金行业的生态，更深刻影响着基金经理与投 资者的行为逻辑。 5月7日，中国证监会发布的《推动公募基金高质量发展行动方案》（下称"行动方案"）进一步强化业绩 比较基准的约束作用，督促基金公司建立健全与基金投资收益相挂钩的薪酬管理机制、完善行业考核评 价制度等。这也意味着，基金经理的考核体系正从单纯的全市场排名，转向与基准表现深度挂钩，推动 公募基金回归"专业投资"本源。 事实上，业内对此次政策升级早有预期。部分机构已提前行动。数据显示，截至5月7日，年内至少61只 基金产品完成基准变更并修订合同，较去年同期19只的数量激增2倍有余，释放出行业加速规范的强烈 信号。 "通俗来讲，可以把业绩比较基准理解为公募基金产品的'锚'。"一位头型基金公司人士对第一财经表 示，有了这个基准，有利于对投资结果进行评价，同时也有利于投资者建立一个稳定、清晰、合理的预 期，实现了把合适的产品推荐给适配的投资者的效果，这也是增强投资者获得感的重要一环。 强化业绩基准监管 5月7日，中国证监会主席吴清在参加国新办新闻发布会时表示，针对风格漂移、货不对 ...